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[NEWS]
ties by suppliers, logistics partners, distributors, service organizations, and ated initiatives that led to cooperative
others. exchange agreements with universities in
Survey respondents said the greatest risks are pricing risks; risks and Germany, China, and Taiwan, and he intro-
delays with suppliers; risks with their own plants, warehouses, and stores; duced a certification program for Mongolian
logistics delays and disruptions; and natural disasters. Although these risks business executives.
have always been present, they are being exacerbated by the move to leaner Before going to St. Mary’s, Keith had been
supply chains holding less inventory and the move to increased outsourc- with Southeast Missouri State University
ing, according to the survey report. Yet even though 75% of the respondents
continued on next page
said these risks are among their top 10 issues to continued on page 61
May 2008 | S T R AT E G I C F I N A N C E 23
[NEWS] c o n t ’d f r o m p . 2 3
address, they are a top-three priority
for only 20%.
How can companies improve their
supply chain risk management? The
report offers several suggestions,
including:
● Create a cross-functional sup-
ply chain risk team that looks end-
to-end. Charge them with looking at
insurable and uninsurable supply
chain risks; increase the scope of risk
assessments across the external sup-
ply chain; maintain senior manage-
ment support through risk reports
and other means; and hold regular
conversations about risk.
● Embed risk management activi-
ties and responsibilities into existing
supply chain processes and func-
tions, and create consistency across
the organization. For example, create
a center of risk excellence that can
provide the templates, methods, and
tools for all employees involved in
the process to use, the report advises.
Without these templates, each busi-
ness unit or function will probably
do what it wants to do, and there will
be little coordination. Also, review
processes and policies annually, and
include risk management in supply
chain managers’ job descriptions.
● Build up analytics and risk
metrics.
● Extend the role of the risk
manager so they will be a key advi-
sor for strategic supply chain deci-
sions and can find better ways to
spot and mitigate risks.
These are just some of the findings
from the in-depth report. For a copy
of the report, titled Stemming the Ris-
ing Tide of Supply Chain Risks: How
Risk Managers’ Roles and Responsibil-
ities Are Changing, visit http://glob-
al.marsh.com. Click on News and
then Businesses See Supply Chain
Risks Rising, Study Finds. ■
May 2008 | S T R AT E G I C F I N A N C E 61